PIDM, PDIC sign MOU on mutual cooperation. The Perbadanan Insurans Deposit Malaysia (PIDM) and the Philippine Deposit Insurance Corporation (PDIC) signed a memorandum of understanding (MOU) to mutually enhance the effectiveness of their respective deposit insurance systems. The MOU was signed by PIDM Chief Executive Officer Jean Pierre Sabourin (2nd from left) and PDIC President Valentin A. Araneta (2nd from right) on June 18, 2013. PIDM’s Yee Ming Lee (Policy and International Division) (1st from left) and PDIC Executive Vice President Imelda S. Singzon (1st from right) witnessed the MOU signing held at the Makati Shangri-La during the 39th International Association of Deposit Insurers (IADI) Executive Council Meeting hosted by PDIC.

PIDM, PDIC sign MOU on mutual cooperation. The Perbadanan Insurans Deposit Malaysia (PIDM) and the Philippine Deposit Insurance Corporation (PDIC) signed a memorandum of understanding (MOU) to mutually enhance the effectiveness of their respective deposit insurance systems. The MOU was signed by PIDM Chief Executive Officer Jean Pierre Sabourin (2nd from left) and PDIC President Valentin A. Araneta (2nd from right) on June 18, 2013. PIDM’s Yee Ming Lee (Policy and International Division) (1st from left) and PDIC Executive Vice President Imelda S. Singzon (1st from right) witnessed the MOU signing held at the Makati Shangri-La during the 39th International Association of Deposit Insurers (IADI) Executive Council Meeting hosted by PDIC.

The Perbadanan Insurans Deposit Malaysia (PIDM) and the Philippine Deposit Insurance Corporation (PDIC) signed a memorandum of understanding for mutual cooperation on cross-border issues to enhance the effectiveness of deposit insurance system in their respective jurisdictions.

PIDM Chief Executive Officer Jean Pierre Sabourin and PDIC President Valentin A. Araneta signed the memorandum of understanding on June 18, 2013 in ceremonies during the 39th International Association of Deposit Insurers (IADI) Executive Council Meeting and International Conference at the Makati Shangri-La. PDIC Executive Vice President Imelda S. Singzon (Examination and Resolution Sector) and PIDM’s Yee Ming Lee (Policy and International Division) witnessed the signing of the memorandum of understanding.

The partnership aims to promote cooperation and collaboration between the two agencies by sharing knowledge, expertise, experience and published information; providing support to facilitate study visits, trainings and seminars; conducting and attending bilateral meetings; and providing assistance on cross-border issues.

Mr. Sabourin said that it is important for Malaysia to have cross-border relationships with its neighbors especially the PDIC, stating that a key point is to have transfer of knowledge among deposit guarantee schemes.

“We should be learning from each other because if we did not, we will just repeat the mistakes of the history of others. I am very pleased and I will stress that we need not just an agreement but we really need to make it work. The PDIC can count on our support,” said Sabourin.

The PDIC and the PIDM have been working closely through the years by way of facilitating various study visits and exchanges. The signing of mutual cooperation between the two agencies will address an increasing need for international cooperation among financial safety net players to help monitor and address cross-border issues.

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